EquityPandit’s Outlook for CNX IT for the week (November 09, 2015 – November 13, 2015):

CNX IT:

CNX IT index closed the week on absolutely flat note.

As we have mentioned last week that resistance for the index lies in the zone of 11600 to 11700 where 200 Daily SMA is positioned. If the index manages to close above this levels then the index can move to the levels of 12000 where channel resistance for the index is positioned. During the week the index manages to hit a high of 11688 and retraced to close the week around the levels of 11493.

The index has close just below the support zone of 11500 where 100 Daily SMA is lying. If the index closes below the levels of 11400 then the index can drift to the levels of 11300 where trend-line support for the index is positioned.

Resistance for the index lies in the zone of 11600 to 11700 where 200 Daily SMA is positioned. If the index manages to close above this levels then the index can move to the levels of 12000 where channel resistance for the index is positioned.

Broad range for the index in the coming week is seen from 11200 on downside to 11700 on upside.